Morgan Stanley: AI Job Disruption Modest, 10bps

Morgan Stanley analysis finds AI-driven job disruption in the US remains modest, affecting overall unemployment by about 10 basis points.
Unemployment is higher in high‑AI‑exposure occupations, especially among early‑career workers, with longer jobless spells since 2023.
Industry payroll data show no clear AI‑related job losses; some AI‑exposed sectors are holding up or outperforming.
Morgan Stanley expects generative AI to be net labor‑augmenting long‑term, boosting productivity and real wages despite near‑term disruptions.